Flagship Energy’s Tejal Shah Energy Markets Update – 27th March 2025

A small level of easing has been observed so far this week in comparison to last weeks close on both the TTF and NBP. Markets at the start of the week were focused on the talks in Saudi Arabia. Despite the US reaching separate deals with Russia and Ukraine to pause their attacks at sea and against and energy infrastructure its actual implementation remains uncertain. Both sides have continued to claim the agreement has been broken numerous times. Regarding the Black Sea maritime security deal, Russia wants certain sanctions lifted as well as other conditions, which have not gone down well with Europe and Ukraine. Whether or not this is tactics to prolong a peace deal, what is clear is that it will take time to agree. In other news the ban on Russian transhipments in Europe is now in effect, leading to more activity in Murmansk and potentially some additional cargoes ending up in Europe itself. Meanwhile the latest Commitment of Traders report confirms Investment Fund long positions have increased in recent weeks after.